David Abrams Abrams Capital Management
David Abrams is the founder of Abrams Capital Management, a Boston-based firm with a flexible value-oriented mandate. A former Baupost Group investor, he is known for concentrated positions and a willingness to hold cash or unconventional securities when public equities are unattractive. Abrams Capital’s filings are followed for high-conviction ideas across equities and special situations.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CST
CST Brands, Inc.
CST
|
+$31.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DELL INC
DELL
|
+$200M |
| 2 |
SLM Corp
SLM
|
+$124M |
| 3 |
Teva Pharmaceutical Industries Limited
TEVA
|
+$100M |
| 4 |
Assurant
AIZ
|
+$76.4M |
| 5 |
BMC
BMC SOFTWARE, INC
BMC
|
+$55.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 63.21% |
| 2 | Industrials | 22.44% |
| 3 | Consumer Discretionary | 7% |
| 4 | Miscellaneous | 5.2% |
| 5 | Communication Services | 2.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Western Union
WU
$1.91B
| $324M | 25.35% |
17,362,477
| – | – |
2013 Q2
1 quarter
|
|
|
2
SLM Corp
SLM
$4.1B
| $253M | 19.81% |
28,444,216
-14,222,105
| -33% | -$124M |
2013 Q2
1 quarter
|
|
3
American International
AIG
$42.4B
| $231M | 18.06% |
4,745,040
| – | – |
2013 Q2
1 quarter
|
|
|
WAIR
4
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| $182M | 14.22% |
8,684,212
-341,123
| -4% | -$6.72M |
2013 Q2
1 quarter
|
|
|
CST
5
DELISTED
CST Brands, Inc.
CST
| $89.4M | 7% |
3,000,000
+1,000,000
| +50% | +$31.3M |
2013 Q2
1 quarter
|
|
|
EGL
6
DELISTED
Engility Holdings, Inc.
EGL
| $80.2M | 6.28% |
2,527,478
-138,961
| -5% | -$4.52M |
2013 Q2
1 quarter
|
|
|
GCVRZ
7
DELISTED
Sanofi Contingent Value Rights
GCVRZ
| $63M | 4.93% |
31,179,637
-89,450
| -0.3% | -$170K |
2013 Q2
1 quarter
|
|
8
DELISTED
Clear Channel Outdoor Holdings
CCO
| $27.5M | 2.15% |
3,354,390
| – | – |
2013 Q2
1 quarter
|
|
|
MANT
9
DELISTED
Mantech International Corp
MANT
| $24.8M | 1.94% |
860,920
-906,410
| -51% | -$25.5M |
2013 Q2
1 quarter
|
|
|
RBS.PRR
10
DELISTED
Royal Bank of Scotland Group Plc (The) ADR repstg USD Pfd Sh
RBS.PRR
| $2.32M | 0.18% |
115,305
| – | – |
2013 Q2
1 quarter
|
|
|
RBS.PRP
11
DELISTED
Royal Bank of Scotland Group Plc (The) ADR representing Pref
RBS.PRP
| $1.18M | 0.09% |
57,380
| – | – |
2013 Q2
1 quarter
|
|
|
12
Assurant
AIZ
$13.9B
| – | – |
-1,500,000
| Closed | -$76.4M | – |
|
|
13
Teva Pharmaceutical Industries Limited
TEVA
$48.3B
| – | – |
-2,561,269
| Closed | -$100M | – |
|
|
14
DELISTED
DELL INC
DELL
| – | – |
-15,000,000
| Closed | -$200M | – |
|
|
BMC
15
DELISTED
BMC SOFTWARE, INC
BMC
| – | – |
-1,230,000
| Closed | -$55.5M | – |
|
Similar funds
David Abrams's Q3 2013 Portfolio in Review
As of Q3 2013, David Abrams held 15 positions worth $1.28B, down 26% from $1.73B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
David Abrams withdrew a net $562M in Q3 2013, closing 4 positions and reducing 5 holdings. Its most notable exit was DELL INC, an estimated $200M position sold in full.
By sector, the portfolio is most concentrated in Financials at 63% of assets, up from 54% a quarter earlier, followed by Industrials and Consumer Discretionary.
Against the trend, David Abrams added an estimated $31.3M to CST Brands, Inc..
- David Abrams added most to CST Brands, Inc. in Q3 2013, an estimated $31.3M increase.
- David Abrams's biggest Q3 2013 reduction was SLM Corp, cutting an estimated $124M.
- David Abrams fully exited DELL INC in Q3 2013, selling an estimated $200M.
- David Abrams's ten largest holdings make up 100% of its $1.28B portfolio in Q3 2013.
- David Abrams opened 0 new positions and closed 4 in Q3 2013.
- David Abrams's portfolio value fell 26% quarter-over-quarter to $1.28B.
Based on Abrams Capital Management's 13F filing for Q3 2013, filed 13 Nov 2013.